Short YouTube clip where Speaker A and Jim Penman argue that management — not ideas — is the scarce skill that determines business success. Penman recounts early failures (distraction, laziness, poor cost control, entering unfamiliar businesses), describes franchising as a way to teach and support new owners (training, coaching, meetings), and includes a 2025 call-to-action to open a franchise.
If you can learn how to start and manage businesses, you will be wealthy your entire life. Management's the only thing that's in scarce supply. Ideas are everywhere.
Most businesses fail not for lack of ideas, but for lack of management. My first business fell because I was distracted and lazy. It set me broke and deeply into debt. I made a lot of other mistakes, such as going into businesses I didn't understand and failing to control costs. If I had a time machine, I'd love to go back and counsel my younger self, telling him all the things I've learned over the past four decades. In a sense, that's what a franchise system does, telling new business owners what to do and what not to do. In gyms we have a three day training course followed by intensive coaching and regular meetings. Want to learn more about franchising? Head to the link in my bio to open your own franchise in 2025.
Rising mental illness and falling birth rates have the same cause, it is this.....
